O.K. so initially we decided that we were going to go with NVR Mortgage. NVR is the parent company for Ryan Homes and Ryan is currently offering $3K towards closing if you use NVR. Considering that NVR is not a bank, but simply a broker, we decided that there was no harm is giving them a shot.
We started the process with NVR and it was going really smooth. We had been through this process twice before, so we knew what documents would be required i.e., pay stubs, bank statements, tax records and so on, and we already had them in electronic format so they could be sent quickly. We filled out the paperwork for the loan and then waited. In about 3 days we had all of our loan paperwork in the mail. My wife and I sat down to sign the documents, and that's where things started to seem funny.
We were about half way through the paperwork, when we got to the good faith estimate (GFE). As we looked it over we noticed that nothing seemed to add up. The numbers from one page didn't seem to carry over to the next page and the numbers from our initial purchase agreement didn't seem to line up with the paperwork from NVR. I have a co-worker and good friend of mine who does mortgages on the side with Horizon of NC INC. I highly recommend this company as I have used them twice now, to any of you that are purchasing homes in NC, especially in the Charlotte and Greensboro areas should consider them. Anyhow, I sent the GFE to my friend and asked him to look over it for me. I just wanted to make sure that an experienced eye had looked at it and agreed with what we were getting ready to sign.
My friend called me back within about 20 minutes of receiving the GFE and told me that he agreed with my initial concerns, nothing added up and it was not made very clear and easy to understand. essentially his concern was that NVR was not being very honest about our numbers. They had not given us any of the lender credit and they had underestimated most (if not all) of our charges and fees. This meant that we were going to have to bring between $3K-$6K to closing even with the $3K that Ryan was offering us towards the closing costs.
My friend then took a few minutes to explain to me that with his company, he could get me as much as $800 back at closing, and that was without the $3K that Ryan was offering. I've been ripped off enough to know, that sometimes it better to go with someone you trust and know what your getting into, than it is to go with what sounds like the best deal. So, we decided to Kick NVR to the curb. If you are considering a Ryan Home please get GFE's from other lenders/Brokers. If you would like, you can take the GFE from the other lenders back to NVR and they will likely match the others and you can still get your incentive money from Ryan to boot. For us however, I felt it was more important to deal with a honest and reliable company in the first place.
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